Solventum (NYSE:SOLV) Price Target Lowered to $60.00 at Bank of America

Solventum (NYSE:SOLV) had its price target lowered by Bank of America from $70.00 to $60.00 in a research report released on Tuesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research analysts also recently weighed in on the stock. Morgan Stanley assumed coverage on shares of Solventum in a research report on Wednesday, April 10th. They issued an equal weight rating and a $70.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Solventum in a research report on Monday, April 8th. They issued an equal weight rating and a $69.00 price target on the stock. The Goldman Sachs Group assumed coverage on shares of Solventum in a research report on Thursday, May 30th. They issued a sell rating and a $54.00 price target on the stock. Edward Jones began coverage on shares of Solventum in a research report on Tuesday, April 2nd. They issued a hold rating on the stock. Finally, Argus began coverage on shares of Solventum in a research note on Monday. They issued a hold rating for the company. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $63.25.

Solventum Stock Performance

Shares of Solventum stock opened at $51.23 on Tuesday. The firm’s 50 day moving average is $60.00. Solventum has a twelve month low of $50.63 and a twelve month high of $96.05. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.33 and a current ratio of 1.81.

Solventum (NYSE:SOLV) last issued its quarterly earnings data on Thursday, May 9th. The company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.41. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.99 billion. Equities analysts expect that Solventum will post 6.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Solventum

Several institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD purchased a new position in Solventum during the first quarter valued at $5,889,000. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Solventum during the first quarter valued at $5,747,000. Magnetar Financial LLC purchased a new position in Solventum during the first quarter valued at $3,478,000. Alpine Global Management LLC purchased a new position in Solventum during the first quarter valued at $1,766,000. Finally, Fifth Lane Capital LP purchased a new position in Solventum during the first quarter valued at $826,000.

Solventum Company Profile

Solventum Corporation, a healthcare company, engages in the developing, manufacturing, and commercializing a portfolio of solutions to address critical customer and patient needs. It operates through four segments: Medsurg, Dental Solutions, Health Information Systems, and Purification and Filtration.